Essay about The Debate Of Capitalism And Capitalism

Essay about The Debate Of Capitalism And Capitalism

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The Debate of Capitalism

The theory of capitalism is defined by Merriam-Webster as “a way of organizing an economy so that the things that are used to make and transport products (such as land, oil, factories, ships, etc.) are owned by individual people and companies rather than by the government.” Many people associate this ideology with the father of capitalism, Adam Smith. His views on economy are labeled as laissez-faire, which is a policy that requires things, such as companies, to take their own course without government interference. Some people believe that the idea of capitalism promotes successful and healthy economic individualism in a free market economy. Others believe that capitalism is a detrimental strategy for our economy, encouraging selfishness and poor community spirit. I believe that capitalism is the best economic system for our country due to the validity of Smith’s theories and the current results of the system.
In a USA Today article written by Alan Webber, American entrepreneur, writer, and progressive Democrat, Webber compares capitalism to the concept of Darwinism. He claims, “The market, like nature, should dictate who wins and who loses” (Webber 1). The government shouldn’t get involved in the outcome of the success of a business. The world of business is centered on survival of the fittest; the most successful companies must prove themselves to be worthy of their success. Government intervention would infringe on a businesses ability to reach their full potential.
Capitalism seems to be the best system for producing wealth; no other system has proven to rival its success. Mike Wickerham, certified financial planner, says, “We are not the wealthiest nation in history because of the ...

... middle of paper ... is a very prominent aspect of capitalism. An act is morally acceptable only if it promotes the individuals best interests; therefore, “egoism makes personal advantage (both in the short term and the long run) the standard for measuring an actions righteousness” (Shaw 57). In a capitalist system, making enemies is inevitable considering the main characteristics of the practice include competition and rivalry. Limited government regulation allows the system to be this way, promoting individual success instead of combined success. Utilitarian ideals are not typically found in a capitalist economy. Capitalists believe in an individual’s ability to produce their own profit and success, they are not concerned with the overall happiness of the majority; they believe that it is the individual’s duty to fend for himself or herself in order to reach personal success.

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